Energy jobs on the decline, but not production, IEA finds

Technological advances have led to declines in labor tied to oil and gas with only small impacts on production, the International Energy Agency said. A report from the IEA on overall capital spending in an era where crude oil prices have lingered at historic lows found technological gains are having a clear impact on employment. “In general, technological progress is leading to lower labor intensity across the energy system,” the IEA reported. “For example, a 30 percent drop in jobs in U.S. oil and gas upstream from its peak level in 2014 to its trough in 2016 was accompanied by only a marginal decrease in production.” U.S. oil production has remained robust even as crude oil prices […]